With the Fed hinting at lowering interest rates in the upcoming meetings, the crypto market has gone crazy—crazy bullish! With almost every altcoin breaking above a major high, could this bullish impulse mark the beginning of altcoin season? Let’s find out!
7 Days Heatmap
The crypto heatmap has been screaming bullish as almost all altcoins are recording a strong week, especially ETH, which surged by over 20% in just two days.
BTC Analysis
As mentioned in our last roundup article, BTC is not taking a break and is currently retesting its all-time high at $108,000.
For the bullish momentum to extend into the next big impulse, a break above the all-time high is needed.
Meanwhile, if BTC retests the $90,000 round number, we will look for trend-following long opportunities.
ETH Analysis
ETH broke above the $2,000–$2,100 resistance zone, which, as mentioned in our last market outlook, signals the start of altcoin season.
As long as the bulls remain in control, a move toward the $2,400–$2,500 resistance zone is expected.
Meanwhile, if ETH retests the $2,000–$2,100 zone, which is now acting as support, we will look for trend-following long opportunities.
Quote of the week
If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.
~ Bill Lipschutz
Closing Remarks
In summary, with the Fed signaling potential interest rate cuts, the crypto market has turned strongly bullish. Most altcoins are breaking major highs, and ETH surged over 20% in just two days.
BTC is retesting its all-time high at $108,000, with a breakout needed to confirm a new bullish impulse.
Meanwhile, ETH’s breakout above the $2,000–$2,100 zone could mark the beginning of altcoin season, with $2,400–$2,500 as the next key resistance.
